topic Re: Need a strategy to increase my total credit limit as high as possible in Credit Cards

Need a strategy to increase my total credit limit as high as possible

duckduckgoose — Sun, 05 Nov 2023 23:28:39 GMT

Background: 21 years old junior student in college.

CS: ~770

Chase Freedom Student $2k

Amazon Prime Visa Signature $7k

Discover It Student $5.5k

X1 Credit Card $10k

Bank of America Customized Cash Rewards (Student) $6k

Bank of America Unlimited Cash Rewards (Student) $6k

Paypal 2% Mastercard $1k

Amex Blue Cash Magnet $1k

Total: $38.5k

Amex Plum

Chase Business Ink Signature $3k

I think I was too focused on Chase 5/24 for the past 3 years when I should have been applying to everywhere to increase my total limit. A few days ago I applied to like 7 different cards and got approved for 5 of them, tripling my credit limit. Should I just be applying to every single card from all of the big banks? I previously thought that banks would deny me if they saw I already had credit cards from other banks, but it seems that is not the case? So now what should be my strategy if all I want is to maximize my total credit limit? I don't spend a lot ever since my business flopped, only around $1-2k per month. I also forgot to use a capitalone spark card and it got closed so now I'm going to add all my cards on amazon and buy $1 gift cards every few months. I'm going to get mostly no AF cards with blanket cashback. Any advice on what cards and companies I should go for next?

Re: Need a strategy to increase my total credit limit as high as possible

JoeRockhead — Sun, 05 Nov 2023 23:42:50 GMT

I'd recommend you don't apply for anything new for at least a year.

I also wouldn't be surprised if you experience some type of adverse action by way of account closures. Any further approvals are likely to come with toy limits due to what is going to be considered aggressive credit seeking.

The best way to grow your total available CLs is going to be by keeping your reported balances low and building positive payment history with what you have already, followed by seeking out CLIs as they're available.

Re: Need a strategy to increase my total credit limit as high as possible

SouthJamaica — Mon, 06 Nov 2023 02:54:46 GMT

@duckduckgoose wrote:
Background: 21 years old junior student in college.
CS: ~770

Chase Freedom Student $2k
Amazon Prime Visa Signature $7k
Discover It Student $5.5k
X1 Credit Card $10k
Bank of America Customized Cash Rewards (Student) $6k
Bank of America Unlimited Cash Rewards (Student) $6k
Paypal 2% Mastercard $1k
Amex Blue Cash Magnet $1k
Total: $38.5k

Amex Plum
Chase Business Ink Signature $3k

I think I was too focused on Chase 5/24 for the past 3 years when I should have been applying to everywhere to increase my total limit. A few days ago I applied to like 7 different cards and got approved for 5 of them, tripling my credit limit. Should I just be applying to every single card from all of the big banks? I previously thought that banks would deny me if they saw I already had credit cards from other banks, but it seems that is not the case? So now what should be my strategy if all I want is to maximize my total credit limit? I don't spend a lot ever since my business flopped, only around $1-2k per month. I also forgot to use a capitalone spark card and it got closed so now I'm going to add all my cards on amazon and buy $1 gift cards every few months. I'm going to get mostly no AF cards with blanket cashback. Any advice on what cards and companies I should go for next?

I agree with @JoeRockhead that you shouldn't be applying for anything for a good long while.

Re: Need a strategy to increase my total credit limit as high as possible

FireMedic1 — Mon, 06 Nov 2023 12:14:19 GMT

One word. Stop.

Rome wasnt built in one day. Apply again Nov of 2024. But you can ask for SP CLI's until then.

Re: Need a strategy to increase my total credit limit as high as possible

Blender — Mon, 06 Nov 2023 15:56:14 GMT

I think everybody already nailed it here. What's your reasoning or goal for this or whats your general knowledge of credit that makes you feel like you need the highest possible credit limits?

Re: Need a strategy to increase my total credit limit as high as possible

youngandcreditwrthy — Mon, 06 Nov 2023 18:23:38 GMT

it sounds like you've done very much of what you can. are any accounts that you've gotten 6 months old yet? are there any that haven't been increased in the past 3-6 months? Ask for credit limit increase requests or look online and MAKE sure you clarify if it is a hard or soft pull.

you have a GREAT line up.

options:

increase your income so you can be approved for higher limits (get a side hustle or something- maybe do uber?)

STOP opening more accounts. at some point, the banks with either think there's fraud and require your arm, an eyeball, and half a leg to keep your accounts open, or you're gonna lose control of all the accounts.. and maybe someone else would fraud you..

OTHERWISE, best decision is to get CREDIT LIMIT INCREASES.

most are soft pulls. Make sure you also update your income on the online portals for the accounts if you get a side hustle and increase your income. One of the only ways to get more credit without increasing score (and youre at 770?) is it increase income.

many times too, store cards like the West Elm Visa Siggy for example will approved much higher limits but you won't get lowe rates, generic sign up bonuses, etc.

I used store cards to grow my limits.. like using Synchrony bank to get 25k limits on co branded cards easily and then in turn, your prime banks will notice and increase the limits on your actual good cards. lol

Re: Need a strategy to increase my total credit limit as high as possible

FireMedic1 — Mon, 06 Nov 2023 18:47:16 GMT

Oh yeah. Aviod the "Approval" Sub-Forum.....

Re: Need a strategy to increase my total credit limit as high as possible

Citylights18 — Mon, 06 Nov 2023 21:53:02 GMT

I've always been real tactical about applying for products.

1) Is this product going to help me? Lower APR? Better rewards earning structrue?

2) How much will I use it long term?

Then I think the limit becomes a consideration. Certain products tend to have greater limits. Review the credit card approval board in this forum to see what kind of limits people are getting and for what profiles and what cards. That may give you a clue to see if there is anything out there worth apping for.

Re: Need a strategy to increase my total credit limit as high as possible

casey_mcjay — Tue, 07 Nov 2023 02:05:29 GMT

* pay off every card end of the month

* try to not go over 40 percent of each card limit

* use card once a year so it does not get cancelled

* ask for credit increase every 6 month

Re: Need a strategy to increase my total credit limit as high as possible

FireMedic1 — Tue, 07 Nov 2023 03:41:33 GMT

@casey_mcjay wrote:
* pay off every card end of the month
* try to not go over 40 percent of each card limit
* use card once a year so it does not get cancelled
* ask for credit increase every 6 month

Welcome @casey_mcjay

Some corrections needed. Never pay all cards off. Especially before statement cuts. You'll lose 15-25+ pts because there is 0% util penalty. Have 1 report say $20 balance. Then pay it before the due date.

You can go over any percent you want in a cycle. Its whats reported that matters. More use. Easier fo a CLI because you show usage. You can ask for CLI's if they are a SP monthly until it pops.

Re: Need a strategy to increase my total credit limit as high as possible

casey_mcjay — Tue, 07 Nov 2023 04:27:21 GMT

Did not know that. Doubt score will go up any more until student loans paid off about 98000. Current is 826/850. No mortgage no car payment

Re: Need a strategy to increase my total credit limit as high as possible

JtAlmond — Tue, 07 Nov 2023 10:04:08 GMT

I have a Conoco and Exxon card which are easy enough to acquire if you need a couple K to build up your total. The big guys tell us not to apply for more credit unless we need it. You needing more credit because you want to increase your total amount of credit. I'm not sure of the meaning when they say ''need it'' when confronted with varying opinions of need.

getting to the heart of matters you don't want junk credit cards just to add to your total. You also Dont want a wallet full of low budget cards. Why not do some gardening now that you have a whole bunch of hard pulls and get some spending limit increases.

Re: Need a strategy to increase my total credit limit as high as possible

Anonymous — Tue, 07 Nov 2023 18:15:39 GMT

@Citylights18 wrote:
I've always been real tactical about applying for products.

1) Is this product going to help me? Lower APR? Better rewards earning structrue?
2) How much will I use it long term?

Right, I would agree with being more tactical/strategic (depending on your definitions!) about it. In theory, you could get say $1M in total credit limit by having 1,000 $1K limit cards. Yes, you would have "arrived" but not in a useful way. Here TCL is more a "because" goal than anything really of value get cards that you can use that provide features and rewards that matter to you

Re: Need a strategy to increase my total credit limit as high as possible

NoMoreE46 — Tue, 07 Nov 2023 19:18:51 GMT

As noted, it is best to stop apping.

Given your current spree, there is a chance of AA by your issuers.

Is there a specific reason why you are trying to herd in high TCL now? Would it be for your business or to pay for tuition?